Announcement slated to take place before cash-strapped Chancellor Rachel Reeves’ spring statement later this month.
U.K. Prime Minister Keir Starmer is set to announce a renewed push for Britain’s watchdogs to rip up red tape and boost the economy.
Starmer could launch a regulatory action plan as soon as next week, two industry representatives who have discussed the matter directly with the government told POLITICO.
A government official, granted anonymity to speak freely, confirmed an announcement is slated to take place before Chancellor Rachel Reeves’ spring statement on March 26.
One of the industry executives cited above was told in a meeting with government officials to expect a package of reforms which will signal changes of direction for 17 U.K. regulators, including ones that oversee the economy like the Financial Conduct Authority.
It comes as Starmer and Reeves continue to clamp down on Britain’s watchdogs because of what they believe is an increasing regulatory burden on businesses and therefore the economy.
The pair, alongside Business Secretary Jonathan Reynolds, wrote to 15 regulators on Christmas Eve demanding growth ideas, and in January Reeves told several watchdogs that a cultural shift “from excessively focusing on risk to helping drive growth” is needed.
That meeting followed Reeves’ Mansion House speech in November to declare that regulations put in place to protect the economy after the global financial crisis had “gone too far.”
In January, Starmer wrote that he would “clear out the regulatory weeds” to unlock investment and boost growth. Reynolds later questioned whether the U.K. has got “the right number of regulators.”
Sky News reported last month that ministers are “actively considering” scrapping the Payment Systems Regulator.
A spokesperson for HM Treasury wouldn’t comment on the timing or content of the action plan. They said: “We are rebalancing our approach to regulation, maintaining high international standards and protecting consumers whilst taking forward reforms needed to support growth and investment, including to enable more informed and responsible risk-taking.”
A No. 10 spokesperson did not respond to requests for comment.
Tom Bristow contributed reporting.
This story has been updated to add a comment from an HM Treasury spokesperson.
